Businesses in Orillia and Lake Country unable to access existing federal relief measures can now apply for zero percent interest loans under new initiative
Small businesses are at the heart of our economy and many are vital to this community. The COVID-19 pandemic has resulted in uncertainty and anxiety for businesses.
In an effort to alleviate some of this pressure, the new Regional Relief and Recovery Fund (RRRF) from the Government of Canada will provide zero percent interest loans with favorable terms to help small businesses where revenues have been affected by the COVID-19 pandemic. A total of $39.4 million of the overall $287 million fund has been allocated for CFDCs across southern Ontario, including the Orillia Area CDC, to distribute to qualifying businesses.
“We know many local businesses have not been able to access other programs or need additional support in this challenging time. The flexible funding offered through this program will allow us to fill in some of the gaps to support our local community,” said Wendy Timpano, General Manager, of the CDC.
Businesses that are not eligible or have been declined for other Government of Canada COVID-19 relief measures will be given priority for the loans. Businesses that have received some funding but have operating expenses in excess of the support already received may also apply.
Applications for the new Regional Relief and Recovery Fund (RRRF) are now open locally through the CDC.
Larger incorporated businesses requiring loans in excess of $40,000 can apply for funding up to $500,000 directly through FedDev Ontario.
Please visit orilliacdc.com/rrrf for more information on eligibility and the application process.